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Thanks both, I think that’s exactly right, tracing the lifecycle of an information requirement through this process gives it a clear rationale. I think it would be interesting to see the information management landscape within an organisation. To your point 1 and 2 @Matthew where these information flows might be consistent, one off or variable. I think this is about control, where a client has a strong asset base they will certainly be able to define these processes and even understand their organisation better as a result.
On 15/07/2021 at 10:19, Matthew West said:
@HenryFT Yes, having information you do not need is a cost without benefit, and not having information you do need means a higher risk of mistakes or exposure to legal consequences from not having the information.
When you look at the benefits these start with the converse of the costs of poor quality information.
1. You will be able to automate deterministic processes (the boring ones) because relevant information is held as data.
2. You will just be able to use the information provided to you, rather than having to fix it up, condition, or wrangle the data before you can use it.
3. The risk of making mistakes will be reduced because you had the information you needed to take the right decision when you needed it.
4. In addition to the elimination of negatives, which all go straight to the bottom line by improving productivity, there are some purely positive benefits of good information management (see Figure 2).
5. You will have greater agility because rather than responding to changes in circumstances, you will be able to anticipate them and pivot to take advantage of them rather than being overwhelmed by them.
6. You will have better insights into your operations and assets and this will enable innovation that comes from being able to spot new opportunities.
7. You have the confidence that comes from knowing you are in good shape, rather than hoping you are.
Yes I think there’s a key quality and quantity overlap here. The greater the quantity of information the harder it’s going to be to retain high quality information so asking those sorts of questions makes a lot of sense.
On 15/07/2021 at 10:16, Al_ said:
Hi Henry, Recognising that there is value in having data at the right quality is important. Good quality management practices should be applied, including identifying key performance indicators on how well the information management practices are performing (Plan, Do, Check, Act cycle). It can be very hard to measure the value of data that is not at the right quality, although it is possible to look at issues resulting from it (this can provide some motivation for addressing data quality in the first place). However, once you know what your requirements are, and what it takes to meet them, it is also good practice to look at what improvements are expected as a result of doing this and determine metrics. Continuous improvement is then built in to the information management lifecycle and matched to the lifecycle of the assets that require the information to be managed well.